Rendering Revealed of Midtown’s $20,000/Month Assisted Living Facility

Posted On Tue, June 7, 2016 By

Posted On Tue, June 7, 2016 By In Midtown East, New Developments

It’s being called the “One57 of Assisted Living,” and though the location near Billionaires’ Row and the exorbitant price points (rooms are expected to start at $20,000 a month, not covered by insurance) back up that claim, the team behind the project describes the building’s design as being inspired “by classic Park Avenue apartment houses.”

The Wall Street Journal brings the first official rendering of the 15-story structure that will rise at the northeast corner of East 56th Street and Lexington Avenue, replacing a T.G.I. Friday’s restaurant to offer assisted-living and memory-care services to wealthy Manhattanites. Designed by SLCE Architects, it will feature private apartments, some of which will have terraces. “This is a place where these people can be reminded of things in their past, potentially by the design of the building and by the location of the building and have a significantly better quality of life,” said Thomas DeRosa of co-developer Welltower Inc., clearly referring to nearby Park Avenue dwellers.

Midtown T.G.I. Friday's, 677 Lexington Avenue, NYC assisted living, Hines
View of the current site

Welltower is the country’s largest senior-housing owner by market value, with 72 senior housing properties in the tri-state area. Earlier this year they teamed up with developer Hines (who is also behind the nearby MoMA Tower) to purchase the site for $115 million with plans to demolish the T.G.I. Friday’s next year. When the project was first reported by Bloomberg, we learned that it would have ground-floor retail space that would be “a place where residents can mingle with others who live and work in Midtown.” The rendering seems to back this up with a wrap-around glass portion at street level. This account also noted that monthly rent would cover the room, medical care, and food.

Upper East Side

As 6sqft previously noted, “seniors make up one of New York’s fastest growing populations with nearly 1.5 million aged 60 or over.” And projections from the NYC Department for the Aging put this number at 1.86 million by 2040, which would make up more than 20 percent of the population. So it’s no surprise that investment in senior housing has grown, especially that in assisted-living facilities with care for dementia-related conditions.

On the business end of things, as the Journal points out, these types of facilities require less support than a nursing home and typically house residents who are paying on their own, as opposed to utilizing government programs like Medicaid that are “susceptible to cuts.” Tommy Craig, senior managing director at Hines, explained, “what we liked about this as an economic matter [is] it’s on a demographic curve and not an economic cycle.” But $20,000 a month is still a steep ask when, in 2013, the median income for New Yorkers over the age of 65 was $18,300.

[Via WSJ]

RELATED:

Tags : , , , ,

Neighborhoods : Midtown East

MOST RECENT ARTICLES

  • SPACE T2: A 1959 hunting shack transformed into an off-grid studio by Stephen Holl

    SPACE T2: A 1959 hunting shack transformed into an off-grid studio by Stephen Holl

    Space T2 is a minimal artist studio located in Rhinebeck, NY. Stephen Holl Architects built the off-grid cabin using what remained of ...
  • Weekly highlights: Top picks from the 6sqft staff

    Weekly highlights: Top picks from the 6sqft staff

    CNN’s Don Lemon sells Harlem condo for small profit 128 tall buildings were constructed in 2016, a world record Tennis ...
  • Art Nerd New York’s top event picks for the week – 1/19-1/25

    Art Nerd New York’s top event picks for the week – 1/19-1/25

    In a city where hundreds of interesting happenings occur each week, it can be hard to pick and choose your ...
  • $12,000/month to rent this triplex townhouse beauty in Boerum Hill

    $12,000/month to rent this triplex townhouse beauty in Boerum Hill

    Renters can enjoy Brooklyn townhouse living in all its glory here at 306 State Street, a Boerum Hill property now ...
  • Millennial home buyers prefer DIY over going into debt over renovations

    Millennial home buyers prefer DIY over going into debt over renovations

    Millennial homeowners—yes, they do exist—are a careful lot, according to Better Homes & Gardens’ ninth annual survey of trends in ...
  • Have your apartment photographed by 6sqft!

    Have your apartment photographed by 6sqft!

    Did you spend months decorating your apartment? Is your home historic or quirky? If you live in a unique or ...
  • Express N train tunnel will close for a year in Brooklyn; Map shows the CO2 savings of CitiBike

    Express N train tunnel will close for a year in Brooklyn; Map shows the CO2 savings of CitiBike

    The express N train tunnel between the 36th and 59th street stations in Brooklyn will close for a year for repairs ...
  • The first presidential inauguration was held in New York City in 1789

    The first presidential inauguration was held in New York City in 1789

    As Washington, D.C. attempts to rein in the crowds on this Inauguration Day, New Yorkers can be thankful someone else ...
  • FREE RENT: A roundup of NYC’s latest rental concessions

    FREE RENT: A roundup of NYC’s latest rental concessions

    Midtown Rental Skyscraper ‘Tower 31‘ Offering One Month Free or One Month OP on Select Leases [link] Leasing Launches at ...
  • VIDEO: Watch the MTA clean subway tracks with their new Mobile Vacs

    VIDEO: Watch the MTA clean subway tracks with their new Mobile Vacs

    This past May the MTA recorded 50,436 subway delays, 697 of which were caused by track fires that could have ...
  • The Urban Lens: Inside ‘Little Odessa,’ Brighton Beach’s quaint beachfront Russian community

    The Urban Lens: Inside ‘Little Odessa,’ Brighton Beach’s quaint beachfront Russian community

    6sqft’s ongoing series The Urban Lens invites photographers to share work exploring a theme or a place within New York City. ...
  • Whole Foods will open a lower-priced ‘365’ store in Downtown Brooklyn

    Whole Foods will open a lower-priced ‘365’ store in Downtown Brooklyn

    Downtown Brooklyn is quickly becoming one of NYC’s most desirable commercial hubs. On top of hosting a lengthy roster of big ...

SIGN UP FOR OUR NEWSLETTERS

Thank you, your sign-up request was successful!
This email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.